Warner Music ups timing on $635 million multi-currency notes offering

By Paul A. Harris

Portland, Ore., Oct. 23 - Warner Music Group Corp. moved up timing on its $635 million dual-currency offering of eight-year senior secured notes, according to a syndicate source.

Price talk will circulate on Wednesday, and the deal will also price on Wednesday, the source said.

Previously the offering, which is expected to include notes in dollar and euro denominations, was expected to price late this week.

Credit Suisse Securities (USA) LLC, Barclays, UBS Securities LLC, Macquarie Capital and Nomura are the joint bookrunners.

The Rule 144A and Regulation S for life notes will become callable in three years at par plus 75% of the coupon, and they will feature a three-year 40% equity clawback.

The issuing entity will be WMG Acquisition Corp., a unit of Warner Music Group.

The New York-based music content company plans to use the proceeds to repay its existing senior secured notes.

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